Stakeholders from industry, academia, and policymaking circles have urged a more robust partnership to leverage entrepreneurship for the transformation of Ghana's economy.
Emphasizing the pivotal role of government policies, entrepreneurial education, and affordable financing in driving economic growth, the stakeholders believe that Ghana has the potential to emerge as a major global economic force.
The call for enhanced collaboration was made during the two-day Financial Innovation and Enterprise Conference in Accra, which commenced on Thursday, December 14.
The event, organized by the University of Professional Studies, Accra (UPSA) in collaboration with Birmingham City University, University of Sunderland, Institute for Small Businesses and Entrepreneurship, and the Accreditation Council for Business Schools and Programmes (ACBSP), provided a platform for discussing and advancing financial innovation and entrepreneurship.
Ms. Abena Osei-Asare, Deputy Minister of Finance, highlighted the interconnectedness of entrepreneurial education, the business environment, and financing in driving transformative change.
Citing World Bank data, she underscored the significance of entrepreneurship, particularly Small and Medium Enterprises (SMEs), which constitute over 95% of registered firms worldwide, contribute over 50% of jobs, and contribute more than 35% of GDP in emerging economies.
Ms Osei-Asare noted the government's commitment to supporting entrepreneurs and private businesses through regulatory and legislative reforms, including measures related to registration, insolvency, and tax arbitrations.
These reforms aim to position businesses to seize opportunities and navigate risks effectively.
Dr. Richard Ampofo Boadu, Administrator of the Ghana Education Trust Fund (GETFund), stressed the need to tailor educational programs to address unique challenges and opportunities in the economy.
He called for strategic collaborations between the government, academia, and industry to provide specialized entrepreneurial education, alternative financial modules, and a conducive policy framework to foster a robust economy.
Professor Javed Hussain, an expert in Entrepreneurial Finance from Birmingham City University, emphasized the transformational potential of bringing academia closer to businesses.
He advocated for policies that facilitate financial institutions in collecting information to better support Small and Medium Enterprises (SMEs) in accessing financing.
The stakeholders collectively emphasized the importance of collaboration in creating an ecosystem conducive to entrepreneurship, economic growth, and sustainable development in Ghana.
